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eHealth can help with health reimbursement arrangements
Individual Contribution Health Reimbursement Arrangement, also known as ICHRA, offers many advantages over traditional group plans. ICHRA may be right for you if you want greater control of costs while giving your employees more flexibility in choosing their ideal health plan.
| ICHRA | Group Health Insurance | |
|---|---|---|
| Reimbursement model | Employers choose contribution amounts based on employee class and family size. | Employers offer a plan, or a selection of plans to employees - and if the employer chooses - their employees' families. |
| Is minimum participation required? | No | Yes |
| Employer contribution limits | No minimums or maximums | No. However, in order to be eligible for the Small Business Health Care Tax Credit, employers must contribute 50% or more of the cost of premiums for all full-time employees. |
| Employer eligibility | Employers of any size with at least one other employer (other than their spouse). | Generally, small employers with 1-50 employees are eligible for SHOP. Employers of any size can offer group coverage. |
| Employee eligibility | Any employee classes of the employers' choosing, including part-time and seasonal workers, so long as they have minimum essential coverage. | Any employee classes of the employers' choosing |
| Coverage flexibility | Employees choose their health insurance plan and what healthcare purchases they make so long as they are qualifying expenses. If they choose to leave the company, they can keep their current plan. | Employees have a plan or selection of plans to choose from that offer minimum essential coverage based on what the employer chooses to offer. |
| Enrollment | Employers can enroll any time of the year. Employees with an ICHRA election will be offered a special enrollment period. | Small businesses can generally enroll during any time of the year. |
| Tax information | ICHRA reimbursements are not taxed to the employee. However, if an employee accepts an ICHRA offer they cannot receive premium tax credits. | Group health plan contributions are generally not taxed to the employee. However, in order to offer a SHOP plan the employer must be eligible for the Small Business Health Care Tax Credit - which means they must contribute 50% or more of full time employees' premiums. |
| ICHRA |
|---|
Reimbursement modelEmployers choose contribution amounts based on employee class and family size. |
Is minimum participation required?No |
Employer contribution limitsNo minimums or maximums |
Employer eligibilityEmployers of any size with at least one other employer (other than their spouse). |
Employee eligibilityAny employee classes of the employers' choosing, including part-time and seasonal workers, so long as they have minimum essential coverage. |
Coverage flexibilityEmployees choose their health insurance plan and what healthcare purchases they make so long as they are qualifying expenses. If they choose to leave the company, they can keep their current plan. |
EnrollmentEmployers can enroll any time of the year. Employees with an ICHRA election will be offered a special enrollment period. |
Tax informationICHRA reimbursements are not taxed to the employee. However, if an employee accepts an ICHRA offer they cannot receive premium tax credits. |
| Group Health Insurance |
Reimbursement modelEmployers offer a plan, or a selection of plans to employees - and if the employer chooses - their employees' families. |
Is minimum participation required?Yes |
Employer contribution limitsNo. However, in order to be eligible for the Small Business Health Care Tax Credit, employers must contribute 50% or more of the cost of premiums for all full-time employees. |
Employer eligibilityGenerally, small employers with 1-50 employees are eligible for SHOP. Employers of any size can offer group coverage. |
Employee eligibilityAny employee classes of the employers' choosing |
Coverage flexibilityEmployees have a plan or selection of plans to choose from that offer minimum essential coverage based on what the employer chooses to offer. |
EnrollmentSmall businesses can generally enroll during any time of the year. |
Tax informationGroup health plan contributions are generally not taxed to the employee. However, in order to offer a SHOP plan the employer must be eligible for the Small Business Health Care Tax Credit - which means they must contribute 50% or more of full time employees' premiums. |
To learn more about your options, call 1-, or click here to get a quote.
Does your small business qualify for Ohio health tax credit?
If you're a small business owner in Ohio, you may qualify for a tax credit that could cover some of the costs you pay for employees' premiums. If you qualify, eHealth can help you obtain your tax credit and find a small business health insurance plan that works best for you and your employees.
Number of full-time workers the company employs is within
25
Average annual wage per worker must be less than
$50,000
Minimum employer contribution toward employee coverage is
50%
If you are a small business owner with 25 full-time employees or less, and pay an average salary less than or equal to $50,000 a year, you might be eligible for a tax credit.* This tax credit was created under the Patient Protection and Affordable Care Act (PPACA) in order to give small businesses and tax-exempt organizations a break on the cost of group health insurance for their employees.
The federal tax credit will reimburse qualifying small businesses for up to 50% of the premiums they pay towards employee medical, vision and dental insurance. Tax-exempt organizations may qualify for a tax credit of up to 35% of premium expenses.
*In some states, the tax credit only applies to Qualifying Health Plans (QHPs) bought through government exchanges. Other restrictions may apply.
Small businesses with fewer than 10 full-time employees that pay average annual wages of $25,000 or less may qualify for the full credit. The amount of the credit is reduced for companies with more full-time workers and higher wages, until it is phased out entirely for those with 25 or more full-time workers and average annual wages over $50,000.
Because eligibility rules are based in part on the number of full-time employees, not the total number of all employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.
This article is for general information and is not tax, accounting, or legal advice. Please consult a tax, accounting, or legal advisor for advice on your specific situation.
Frequently asked questions
How much does Small Business Health Insurance cost in Ohio?
Business owners in Ohio can expect to pay at least $440.40 per employee* for small business health insurance coverage. This price varies based on a number of factors, including employee age and gender. To find the plan that's right for you, compare our free, personalized quotes.
* This is based on the lowest-price plan available from eHealth in Ohio, but actual prices available depend on zip code, age, gender, and other factors. Get a personalized quote to see what may be available for you.
What types of small business health insurance plans are available in Ohio?
In Ohio, there are many types of small business health insurance options tailored for their employees. These include Small Group Health Insurance Plans, which cater to small groups, Health Maintenance Organization (HMO) Plans requiring a primary care physician and referrals, Preferred Provider Organization (PPO) Plans offering provider flexibility, Point of Service (POS) Plans blending HMO and PPO features, High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs) for lower premiums and tax benefits, Exclusive Provider Organization (EPO) Plans akin to HMOs but with fewer referral demands, and Catastrophic Health Insurance Plans covering major medical expenses post a high deductible. Small businesses are encouraged to evaluate their employees' needs and associated costs for each plan, possibly seeking advice from insurance professionals for informed decision-making.
What are the Ohio-specific regulations for Small Business Health Insurance?
In Ohio, small businesses must comply with specific regulations when offering health insurance to their employees. Notably, the state mandates that small group health insurance plans cover essential health benefits such as maternity care, preventive services, mental health care, and prescription drugs. Ohio law also requires insurance carriers to provide small businesses with a choice of at least two health insurance plans, allowing employers to select the most suitable option for their workforce. Ohio imposes minimum participation requirements, dictating the percentage of eligible employees who must enroll in the offered health insurance plan. These regulations are designed to ensure that employees receive comprehensive coverage options and that small businesses can effectively provide healthcare benefits while meeting state standards. It's crucial for small businesses in Ohio to understand and adhere to these regulations, potentially seeking guidance from insurance professionals to ensure compliance.
How can small businesses navigate Affordable Care Act (ACA) compliance in Ohio?
Navigating Affordable Care Act (ACA) compliance can be complex for small businesses in Ohio, but there are several steps they can take to ensure they meet the regulations and requirements: • Understanding the Employer Shared Responsibility Provision for employers with 50 or more full-time equivalent employees • Offering ACA-compliant health insurance plans covering essential benefits and preventive care • Accurately calculating full-time equivalent employees • Exploring the Small Business Health Options Program (SHOP) Marketplace for eligible businesses • Educating employees about their ACA rights • Staying informed about regulatory changes • Considering professional consultation for compliance assurance and maximizing available provisions. By taking these steps, small businesses in Ohio can navigate ACA compliance effectively and ensure they are providing appropriate healthcare coverage to their employees while meeting regulatory requirements.
What is the Small Business Health Options Program (SHOP) in Ohio?
The Small Business Health Options Program (SHOP) in Ohio is a component of the state's health insurance marketplace established under the Affordable Care Act (ACA), aiming to assist small businesses with fewer than 50 full-time equivalent employees in accessing affordable health insurance options for their workforce. This platform allows small businesses to compare and purchase health insurance plans from participating insurers that meet ACA standards, offering a variety of plan types such as Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), and High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs). Additionally, the SHOP marketplace provides potential tax credits to eligible small businesses with fewer than 25 full-time equivalent employees and average annual wages below a certain threshold, helping offset the cost of providing health insurance coverage to employees. Overall, SHOP serves as a valuable resource for Ohio's small businesses, offering a streamlined approach to navigating health insurance options, accessing tax credits, and providing quality healthcare coverage to employees while complying with ACA regulations.
How can Health Savings Accounts (HSAs) benefit small businesses in Ohio?
Health Savings Accounts (HSAs) offer valuable benefits for small businesses in Ohio. Employers can save on healthcare costs with lower premiums and tax-deductible contributions. Employees benefit from tax-free savings for medical expenses, flexibility in provider choice, and tax-deductible contributions, providing a cost-effective way to manage healthcare expenses. HSAs serve as a valuable tool for Ohio small businesses, offering both employers and employees tax advantages and flexibility in healthcare spending.
What resources does the Ohio Department of Insurance provide for small businesses?
The Ohio Department of Insurance offers various resources and support for small businesses in the state. These include guidance on understanding health insurance options, compliance with state insurance regulations, and assistance in resolving insurance-related issues. The department's website provides access to informational materials, guides, and frequently asked questions specifically tailored for small businesses seeking insurance coverage. Additionally, small businesses can contact the department directly for personalized assistance and support regarding insurance matters. The Ohio Department of Insurance serves as a valuable resource for small businesses, offering information and guidance to help navigate the complexities of insurance and ensure compliance with state regulations.
What assistance programs exist for small businesses seeking health insurance in Ohio?
In Ohio, small businesses can access assistance programs like the Small Business Health Options Program (SHOP) Marketplace for comparing and purchasing ACA-compliant health insurance plans. Additionally, organizations such as the Small Business Administration (SBA) and local Small Business Development Centers (SBDCs) offer guidance and support. Chambers of commerce and industry associations also provide resources to help small businesses connect with insurance providers and find suitable coverage options. These programs and organizations play a crucial role in assisting Ohio's small businesses with obtaining health insurance coverage and navigating the healthcare landscape.
Ohio Resources for Small Businesses
Business owners in Ohio can expand their health insurance offerings to include group dental insurance and group vision insurance. Ohio small business owners can also refer to the following resources about owning and operating a small business in Ohio:
What people are saying
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"Before working with eHealth I thought buying group health insurance would be difficult. I didn't expect it to be as EASY as eHealth made it. My advice, work with eHealth - it's easy."
- MS Glass LLC, Texas
"As a busy business owner, I needed eHealth to advise me and handle my group health insurance details. eHealth is an invaluable resource. Health insurance doesn't have to be complicated. Need help? call eHealth!"
- Tabatha, Nevada
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